US Savings Rate Hits Lowest Levels Since 2008

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As inflation spirals out of control and pandemic-related stimulus runs dry, Americans are increasingly finding it hard to save money.

This past April, the U.S. personal savings rate fell to 4.4%. According to data from the U.S. Commerce Department, this is the lowest this metric has been since September 2008, Yahoo Finance reported.

“In a typical cycle, a sharp drop in the savings rate would be a warning sign about the sustainability of spending,” Wells Fargo economists, led by Tim Quinlan, wrote in a public note this past week.

The note continued, “Because balance sheets are in such better shape, we see less cause for concern for today. In fact, it is actually our baseline forecast for the saving rate to fall below its prior-cycle average of 7.2% through the end of 2023.”

The personal savings rate is a data series that is one of the most inversely impacted by the government’s efforts to bolster the economy through the COVID-19 pandemic. A steep decline in the amount of money Americans have been able to save has been expected for some time. (Read more from “US Savings Rate Hits Lowest Levels Since 2008” HERE)

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Joe Rogan: Only Criminals Will Be Armed if Guns Banned

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During The Joe Rogan Experience podcast #1824 host Joe Rogan responded to talk of gun bans by stressing banning guns will mean only criminals will be armed.

Rogan referenced the Uvalde shooting and other similar incidents then said; “It’s like, how do you stop that? No one knows how to stop that. What is the answer? Is the answer to take everyone’s guns? Well, they’re not gonna give their guns up. Only criminals are gonna have guns.”

Sportskeeda.com reports Rogan said, “This country has a mental health problem disguised as a gun problem.” (Read more from “Joe Rogan: Only Criminals Will Be Armed if Guns Banned” HERE)

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Iraqi Accused of Plotting Bush Assassination, Sought Asylum From Biden’s DHS

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An Iraqi national, accused of plotting to assassinate former President George W. Bush, sought asylum from President Joe Biden’s Department of Homeland Security (DHS) while overstaying and violating the terms of his visitor visa, the Department of Justice (DOJ) confirms.

Shihab Ahmed Shihab Shihab, a 52-year-old national from Iraq, has been arrested and charged with aiding and abetting a plot to murder Bush with the help of Islamic State (ISIS) operatives that he planned to smuggle across the United States-Mexico border.

Shihab had allegedly bragged about smuggling two Hezbollah terrorists into the U.S. for $100,000. Likewise, he claimed to have helped murder American citizens in Iraq from 2003 to 2006.

According to DOJ prosecutors, Shihab first arrived in the U.S. in September 2020 on a B-1/B-2 visitor visa. In March 2021, Shihab filed a claim for asylum with Biden’s DHS in an attempt to permanently remain in the U.S. while overstaying his visitor visa, which is only valid for 180 days.

DOJ prosecutors also allege that Shihab seemingly violated the terms of his visitor visa by holding jobs at restaurants in the Columbus, Ohio, and Indianapolis, Indiana, areas. (Read more from “Iraqi Accused of Plotting Bush Assassination, Sought Asylum From Biden’s DHS” HERE)

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Pope Francis Passes Over Archbishop Who Barred Pelosi From Communion

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Pope Francis on Sunday named as cardinal San Diego Bishop Robert W. McElroy, a Roman Catholic leader who had spoken out against the calls for bishops to exclude pro-choice politicians like President Biden and House Speaker Nancy Pelosi from Holy Communion over their stances on abortion.

The move comes in the wake of San Francisco Archbishop Salvatore Cordileone’s announcement earlier this month that he would bar Pelosi from receiving Holy Communion due to her stance on abortion. In naming McElroy, Francis passed over Cordileone, who holds a higher rank.

McElroy, one of 21 new cardinals Pope Francis announced Sunday, will be installed Aug. 27 at St. Peter’s Basilica in Rome, the diocese of San Diego announced.

The San Diego bishop warned against the idea of denying Communion to pro-choice politicians in 2021, when U.S. bishops were considering altering their policy on Communion, which Catholics also call the Eucharist.

“The proposal to exclude pro-choice Catholic political leaders from the Eucharist is the wrong step,” McElroy wrote for the Jesuit magazine America. “It will bring tremendously destructive consequences—not because of what it says about abortion, but because of what it says about the Eucharist.” (Read more from “Pope Francis Passes Over Archbishop Who Barred Pelosi From Communion” HERE)

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Every Time Biden Drained Our Strategic Oil Reserves, Prices Ended Up Higher. Here’s the Proof

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Oil and gasoline prices increased after each of President Joe Biden’s three Strategic Petroleum Reserve releases which were designed to curb consumer costs.

Biden ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31, saying the “historic” actions would ease pressure felt by Americans at the pump. But marketplace and government data analyzed by The Daily Caller News Foundation paint a different picture.

On Tuesday, the average price of gasoline reached an all-time high of $4.59 per gallon, according to AAA data, while domestic oil prices remained above $110 a barrel, far higher than their 2015-2021 average of $53.15 per barrel and 2021 average of $68.14 a barrel, Federal Reserve data showed. (Read more from “Every Time Biden Drained Our Strategic Oil Reserves, Prices Ended Up Higher. Here’s the Proof” HERE)

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Top US General Suggested There Could Be a ‘Military Component’ if NATO Helps Ukraine Export Grain

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A top U.S. general recently suggested the U.S. military conduct operations to help Ukraine export grain that is being held up as a result of Russian blockades along the Black Sea Coast.

Gen. Christopher Cavoli, who has been nominated to the next commander of NATO, told U.S. senators at a hearing on Thursday that he would consider offering military options to allow for grain exports to resume, the Epoch Times reported.

When asked what he would do, Cavoli said that if he is to be confirmed he would “provide the military options required by our civilian leaders.”

He told lawmakers present at the hearing, “Clearly the way we would approach that would have to be a whole-of-government approach, which may or may not include a military component.” (Read more from “Top US General Suggested There Could Be a ‘Military Component’ if NATO Helps Ukraine Export Grain” HERE)

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Justice Department Launches Probe of Uvalde Police’s Botched Response to School Shooting

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The Department of Justice announced Sunday it will probe the botched response by Uvalde, Texas, police to Tuesday’s school shooting that left 19 children and two teachers dead.

The investigation was requested by Uvalde Mayor Don McLaughlin amid growing evidence that local police hesitated to go into the Robb Elementary School classroom as the 18-year-old gunman carried out the massacre. Local police have been unable to explain why they waited up to 90 minutes to storm the school.

“The goal of the review is to provide an independent account of law enforcement actions and responses that day, and to identify lessons learned and best practices to help first responders prepare for and respond to active shooter events,” said DOJ spokesman spokesman Anthony Coley. “The review will be conducted with the Department’s Office of Community Oriented Policing.

“As with prior Justice Department after-action reviews of mass shootings and other critical incidents, this assessment will be fair, transparent, and independent. The Justice Department will publish a report with its findings at the conclusion of its review.” (Read more from “Justice Department Launches Probe of Uvalde Police’s Botched Response to School Shooting” HERE)

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Donald Trump At NRA: If We Can Send $40 Billion To Ukraine, We Can Protect Our Children’s Schools; Trump Calls for More Guns to Stop ‘Evil’ (VIDEO)

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By Breitbart. Former President Donald Trump called for more security in American schools during his speech to the National Rifle Association on Friday.

“If the United States has $40 billion to send to Ukraine, we should be able to do whatever it takes to keep our children safe at home,” Trump said, offering several security proposals for making schools safer, including armed police or security officers. . .

“Unlike some, I did not disappoint you by not showing up,” Trump said after taking the stage at the NRA convention to a roar of approval. Gov. Greg Abbott (R-TX) canceled his appearance at the NRA, sending a video instead while he visited the Uvalde community.

Trump began his speech by holding a moment of silence for the shooting victims, reading their names as audio of a bell tolled in the conference room.

“The monster who committed this crime is pure evil, pure cruelty, pure hatred, absolute pure hatred, and while those he slaughtered are now with god in heaven, he will be eternally damned to burn in the fires of hell,” he said. (Read more from “Trump At NRA: If We Can Send $40 Billion To Ukraine, We Can Protect Our Children’s Schools” HERE)

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Trump Calls for More Guns to Stop ‘Evil’ in Speech at NRA Convention

By Washington Examiner. Former President Donald Trump called for more guns and a security overhaul at public schools during the National Rifle Association convention Friday in Houston, mere days after a shooting at a Uvalde, Texas, elementary school killed 19 children and two teachers.

In his proposal, Trump called for more armed security guards and police officers at schools, along with metal detectors and a single port of entry for campuses. . .

The former president also said schools need to be more proactive in monitoring students who portray dangerous behavior.

“Teachers, parents, school officials, and community members need to be recognizing and addressing these alarm bells promptly and aggressively,” Trump said. “Our school discipline systems, instead of making excuses and continually turning a blind eye, need to confront bad behavior head-on and quickly.”

(Read more from “Trump Calls for More Guns to Stop ‘Evil’ in Speech at NRA Convention” HERE)

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Feds Confirm Investigation Into Elon Musk

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The U.S. Securities and Exchange Commission confirmed on Friday that it is investigating Elon Musk’s disclosure that he owned shares in Twitter ahead of his $44 billion purchase of the company.

The SEC is looking into why Musk allegedly made his disclosure late that he owned more than 5% of the company’s shares, which he must legally disclose within 10 days of meeting the threshold.

“The SEC also wants to know why Musk filed a ’13G’ form, which is meant for passive investors, rather than a ’13D’ form that would be for activist investors (including those with interest in making a takeover offer),” Axios reported. “It’s important to note that the SEC’s letter came on the same day as Musk’s disclosure, which is before he offered to buy Twitter outright.”

The SEC said in its letter that it wants a response from Musk even if he does not believe that their “comments apply to your facts and circumstances.”

“The case is easy. It’s straightforward,” Daniel Taylor, a University of Pennsylvania accounting professor, said. “But whether they’re going to pick that battle with Elon is another question.” (Read more from “Feds Confirm Investigation Into Elon Musk” HERE)

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Americans Paying Most Income Taxes Ever

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The Treasury expects to feed on a 28% surge in individual income taxes this year and another spurt in 2025 when the Trump tax cuts expire, according to a new budget analysis presented to Congress on Thursday.

The latest Congressional Budget Office report revealed expectations of $2.6 trillion in individual income taxes this year, up from $2 trillion last year.

Not only is that the highest ever, but it is also the biggest share of gross domestic product since income taxes began.

“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the agency.

The CBO said that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. (Read more from “Americans Paying Most Income Taxes Ever” HERE)

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